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A meeting of the Executive Committee of the Federal deserve *3oard was held in the office of the Governor on :ionday, September 16, 1929 at 11:00 a.m. PRESENT: Governor Young Lr. James L:r. Cunningham :r. McClelland, Asst. Secretary Datter approved on initials on September 14th, namely, apnlication of the Citizens National Bank, Chicago Heights, Illinois, for original stock (150 shares) in the Federal deserve Bank of Chicago, effective if all when the Comptroller of the Currency issues a certificate of authority to commence business. Formally approved. Telegram dated September 11th from the Chairman of the Federal ieserve Bank of Boston, telegram dated September 13th from the Secretary of the Federal deserve Bank of Cleveland, teler-ram dated September 13th from the Secretary of the Federal Aeserve Bank of Atlanta, telegram dated September 13th from the Chairman of the Federal _eserve Bank of _dchmond, and telegram dated September 13th from the Secretary of the Federal deserve Bank of ;:ansas A.ty, all advising that their boards of directors at meetings on the dates stated made no changes in the banks' existing schedules of rates of discount and purchase. Without objection, noted with approval. Telegram dated September 13th from the Chairman of the Federal deserve Bank of Chicago, advising that the Executive Committee at a meeting on that date made no change in the bank's existing schedule of rates of discount and purchase. A.thout objection, noted with approval. deports of Committee on Salaries and Expenditures on lists submitted by the .Aderal deserve Batiks of Cleveland, Atlanta and an Francisco, of L37 -2- 9/16/29 employees for whom the directors of those banks approved leaves of absence with pay, on account of illness, daring the month of August where the total Of such absences since January 1, 1929, has exceeded thirty days; the Board's Committee recommending approval of the salary payments involved. Approved. Aeport of Committee on Salaries and 2;xpend1tures on letter dated September 10th from the Chairman of the Federal Aeserve Bank of Dallas, with reference to the action of the board of directors of that bank in voting to extend for a period of sixty days, leave of absence with full pay, on account of illness, granted to Lir. G. H. Doerner,Assistant ,kianager of the Accounting Department; the Board's Committee recommending approval of the salary payment involved. Approved. Memorandum dated September 16th addressed to the Assistant Secretary by the Chief Telegrapher, recommending the appointment of Leroy Wright as messenger in the Telegraph Office, with salary at the rate of v60 per month, effective September 16th. Approved. Letter dated September 13th from the Comptroller of the Currency, recommending approval of a salary of 43,000 per annum for National Bank Examiner Cecil 'J. Lyon, assigned to the Tenth Federal Aeserve District; the Board's Committee also recommending approval. Approved. Letter dated September 11th from the Comptroller of the Currency, recommending approval of an increase from 44,200 to v5,000 per annum in the salary Lo8 9/16/29 -3— of National Bank Examiner H. S. French. Approved. Matters approved on initials on September 13th, namely, letter to the Chairman of all Federal Reserve Banks, except Atlanta, advising that November 15th has been designated by the Federal Reserve Board as the date for opening the polls in the forthcaming elections of Class A and B directors and that the group classifications which have governed in these elections for the past several years will be unchanged; together with a special letter to the Chairman of the Federal Reserve Bank of Atlanta, advising of the opentag of the polls on November 15th and approving the following regrouping of member banks in the Sixth District, as recommended by him: Group 1 Group 2 Group 3 Capital and Surplus Over '600,000 Capital and Surplus 4150,000 to 600,000 Capital and Surplus Less than 150,000 Formally approved. Letter addressed by the Governor under date of September 12th to the Secretary of the Federal Advisory Council, advising that the Board has no special topics to suggest for discussion at the meeting of the Council tomorrow but would like to have the benefit of the views of the Council on present rediscount and bill rates, and any suggestions with reference to Open Market operations. Noted. Letter dated September 9th from the Federal Reserve Agent at Atlanta, transmitting copy of letter from the President of the Nashville Trust Company, Nashville, Tenn., acknowledging receipt of one addressed to him by the Federal Reserve Agent advising of the action of the Board on September 4th relative to the application of the Nashville Trust Company for membership in the Federal Reserve System. L39 9/16/29 Noted. Letter dated Sept-mber 12th from the Chairman of the Federal Reserve Bank of Dallas, transmitting copy of minutes of a meeting of the board of directors of the San Antonio Branch held an September 10th covering, among other things,the question of policy to be pursued in dealins.with the Commercial National Bank of San Antonio, whose indebtedness to the Federal Reserve Bank has been continuous since June 9, 1928 and now amounts to $1,623,500, represented by .)248,500 of rediscounts and 4,375,000 of notes collateralled by government securities; the Chairman requesting any suggestions the Board may care to make in the matter. After discussion, upon motion, the follaging telegram to the Ohairnan was approved: "Your letter 12th re San Antonio matter. Fundamentally Board is in sympathy with policy outlined in that and previous letters, but it is so far from situation, and so many factors must be taken into consideration, that it does not feel in position to offer suggestions and is willing to leave situation to good judgment of your directors." REP3RTS OF STANDIECT COLT,ITTEES: Dated, September 11th, 12th, 13th, 14th, Dated, September 13th, Recommending changes in stock at Federal Reserve banks as set forth in the Auxiliary Minute Book of this date. Recommendations approved. Recommending action on an application for admission of a state bank, subject to the conditions stated in the individual report attached to the application, as set forth in the Auxiliary Minute Book of this date. Recommendation arproved. /The meetin adjourned at 11. Approved: /)F (914 iA overnor• Assistant Secretary.
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